Teal, a startup founded by Ian Crosby, former Head of Financial Services at Shopify and CEO of Bench Accounting, has secured $8 million in seed funding from Torch Capital to develop accounting infrastructure for vertical SaaS businesses. Teal’s platform enables vertical SaaS companies to build their accounting suites for SMB customers, providing APIs and tools for features like real-time cash flow insights, per-product profitability tracking, tax filing, and live bookkeeper support. The investment, backed by prominent investors and angels from companies like Plaid and Brex, aims to address the growing demand for embedded finance solutions in vertical SaaS by integrating accounting directly into business platforms.
Teal Announces $8M Seed Investment to Drive Next-Gen Accounting Products for Vertical SaaS
